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Scotland's Housing Market Has Turned !

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Market Turns..

Woohoo !! Let's all dive back in. Apparently stats showing prices falling indicate the market has turned. Strange but I suppose these experts should be listened to. They tend to get everything spot on.

If anyone was wondering why not to place any thought on small volume figures ? The following comment from the article should show why:

"The biggest house-price increases have been in Dundee, where the area's average property value rose by 22.9 per cent in the three months to the end of July, although it remains 15.8 per cent lower than a year ago."

So it rose 23% in 3 months, yet fell 16% over the year :lol:

What sort of sample are we talking about here ? 4 or 5 over the year perhaps ? It is ridiculous that these figures are even published. Never mind trotted out by a newspaper..

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This article actually made me laugh out loud.

Do you remember the black knight in Monty Python's Holy Grail?

" 'Tis but a scratch! "

Black-Knight-monty-python-380119_800_441.jpg

"Come back and fight like a man"

Honestly. The guy from DM Hall makes himself look like a proper arsehole

... in Dundee, ...[the average house price] remains 15.8 per cent lower than a year ago.

... while prices in Edinburgh remain 3.5 per cent lower than a year ago

... In Aberdeen, prices fell by 7.6 per cent in the last quarter, taking the annual decline to 12.2 per cent,

with prices across the rest of the north of Scotland 9.2 per cent lower than a year ago.

But Alasdair Seaton, partner in DM Hall Chartered Surveyors in Dunfermline, believes the market is making a

steady recovery.

" 'Tis but a scratch! "

Really? Did this joker even go to primary school? What a mendacious bastard.

Edited by The McGlashan

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Unclear what the figures are based on - just Lloyds' transactions only? If so, just a subset of the market.....

Must be some mighty small sample. Never actually seen any details of their figures. Just the main ones they release to the BBC etc..

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Market Turns..

Woohoo !! Let's all dive back in. Apparently stats showing prices falling indicate the market has turned. Strange but I suppose these experts should be listened to. They tend to get everything spot on.

If anyone was wondering why not to place any thought on small volume figures ? The following comment from the article should show why:

"The biggest house-price increases have been in Dundee, where the area's average property value rose by 22.9 per cent in the three months to the end of July, although it remains 15.8 per cent lower than a year ago."

So it rose 23% in 3 months, yet fell 16% over the year :lol:

What sort of sample are we talking about here ? 4 or 5 over the year perhaps ? It is ridiculous that these figures are even published. Never mind trotted out by a newspaper..

I felt moved to reply to this article on their website :rolleyes:

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This article actually made me laugh out loud.

Do you remember the black knight in Monty Python's Holy Grail?

" 'Tis but a scratch! "

Black-Knight-monty-python-380119_800_441.jpg

"Come back and fight like a man"

Honestly. The guy from DM Hall makes himself look like a proper arsehole

" 'Tis but a scratch! "

Really? Did this joker even go to primary school? What a mendacious bastard.

Yep everything is falling, which means prices are rising. Gotta love the deluded property logic in the UK.

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Not unlike this other recent, nearly identical, comedy article.

http://thescotsman.scotsman.com/scotland/O...-for.5532704.jp

The first line almost seems sarcastic. Pissed off reporter perhaps.

EXPERTS predict Scotland's capital will see a return to the days of annual house price rises – despite another month revealing the depth of the property slump in the city.
:lol: Edited by geneer

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It's disgusting how they can keep peddling absolute bull like this. I feel we need some sort of vigilante to take care of such cases and deliver the Truth. It seems this board has gone from just discussing house prices to undercovering media bias, government ineptitude and the lot.

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The Hootsman article refers to the Lloyds TSB Scotland House Price Monitor publication.

It seems that this report has only been made available to the press so far - it does not yet appear on the Lloyds Banking Group website.

The previous quarter's report is here:

http://www.lloydsbankinggroup.com/media1/p...ltsb_may_09.asp

http://www.mediacentre.lloydstsb.com/media...riceMonitor.pdf

No sign of the current one... pity, I'd like the opportunity to interpret it for myself.

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I was also compelled to reply to this utter nonsense. Free Press my ****.

Should be amusing to look back on in 6 months time however.

I have to laugh I live in Scotland and I have been looking at a 3 bedroomed house in East Kilbride just outside Glasgow its an ex council house and was on the market at offers over £115.000

Months after not one veiwing it went to a fixed price of £105.000

After two months still not one bit of interest so I offered £60.000.... why not - naturally it was refused.

Last month it was repossesed and is now going to auction with a estimated price of £80,000 the original owners are now living with friends!

I think that sums it up!

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I have to laugh I live in Scotland and I have been looking at a 3 bedroomed house in East Kilbride just outside Glasgow its an ex council house and was on the market at offers over £115.000

Months after not one veiwing it went to a fixed price of £105.000

After two months still not one bit of interest so I offered £60.000.... why not - naturally it was refused.

Last month it was repossesed and is now going to auction with a estimated price of £80,000 the original owners are now living with friends!

I think that sums it up!

Good anecdote. I am sure this is happening all over. Not as much as it should though. I am always a bit peed off with all the 'stop repossesions' and 'Keep people in their homes' chat in the news.

Repossesions are supposed to happen. Everyone wants the banks to have a bit of leniency for a 25 year deal. If the borrowers are only in trouble for 6 months then they should be given a bit of leeway ? Well fair enough. However it is a two way deal. Those taking on the debt should also ensure if they have a bad 6 months they can pay what they owe. If not ? They should accept what they agreed to in the first place.

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Good anecdote. I am sure this is happening all over. Not as much as it should though. I am always a bit peed off with all the 'stop repossesions' and 'Keep people in their homes' chat in the news.

Repossesions are supposed to happen. Everyone wants the banks to have a bit of leniency for a 25 year deal. If the borrowers are only in trouble for 6 months then they should be given a bit of leeway ? Well fair enough. However it is a two way deal. Those taking on the debt should also ensure if they have a bad 6 months they can pay what they owe. If not ? They should accept what they agreed to in the first place.

However harsh that might seem, agree that is the principle how a free market works. I am probably going to seem naive to you housing market expert types by posting this but what I can't understand is given the multiple influences how relatively mild the drop since 2007 peak has been given how the market ramped in the years immediately prior to the tipping point. Even if this is stage one would have expected a more marked correction based on historical data. Can parlimentary/media spin really have that much of an effect?

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However harsh that might seem, agree that is the principle how a free market works. I am probably going to seem naive to you housing market expert types by posting this but what I can't understand is given the multiple influences how relatively mild the drop since 2007 peak has been given how the market ramped in the years immediately prior to the tipping point. Even if this is stage one would have expected a more marked correction based on historical data. Can parlimentary/media spin really have that much of an effect?

Government is doing all it can to stop falls. People are doing all they can to prevent from selling at less than 'What it is worth'. Billions of QE money plowed into the darkness ending up somewhere - probably equities and bank balance sheets. Relatively few forced sales compared to what would happen in a free market. Interest rates at a historical low - even if those for many mortgages are not. As Doccyboy says the stubbornness of sellers up here is also quite incredible. Don't forget the mass hystercial ramping in the media once again - people being told day after day that prices at 15% off 2007 peak are somehow a 'bargain'.

All helps to keep the illusion that when it comes to housing - things are not that bad.

Even with all the above prices have still fallen 10-20% across the board on Scotland. I think we are going to get a very long drawn out crash up here in Jockland. Wages are not likely to rise anytime in the near future. FTB market is still dead.

Personally, barring some hyperinflationary situation, I am not likely to think about buying until 2012 at the least. If I had faith in our currency and we had long term stable rents here - I would probably rent for a lot longer.

Anyway - that is my tuppence worth !!

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However harsh that might seem, agree that is the principle how a free market works. I am probably going to seem naive to you housing market expert types by posting this but what I can't understand is given the multiple influences how relatively mild the drop since 2007 peak has been given how the market ramped in the years immediately prior to the tipping point. Even if this is stage one would have expected a more marked correction based on historical data. Can parlimentary/media spin really have that much of an effect?

Seller's resistance to accept change has a lot to do with it IMO. I'm currently working with someone from NI who was riding the rise on properties by moving every 6 months on average. He paid a lot in taxes but still made a lot of money which he threw at the next house. He is now in a house which at peak was valued at £700k. He recently had it valued and was told it's now £450k and is refusing to budge on price as he will lose out on all his profit. Clearly he is going to have some difficulty selling.

Agreed, Scotland had no where near the bubble size of NI but where we are looking, I still see many (if not most) properties at prices much higher than they reasonably could hope to sell at, with many sellers clearly in denial and so we have stagnation in the market.

I think the tipping point isn't far off though, for as the East Kilbride anecdotal above shows, if a property is on the market, then the seller must have a very good reason. I doubt many people selling right now really want to.

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Seller's resistance to accept change has a lot to do with it IMO. I'm currently working with someone from NI who was riding the rise on properties by moving every 6 months on average. He paid a lot in taxes but still made a lot of money which he threw at the next house. He is now in a house which at peak was valued at £700k. He recently had it valued and was told it's now £450k and is refusing to budge on price as he will lose out on all his profit. Clearly he is going to have some difficulty selling.

Agreed, Scotland had no where near the bubble size of NI but where we are looking, I still see many (if not most) properties at prices much higher than they reasonably could hope to sell at, with many sellers clearly in denial and so we have stagnation in the market.

I think the tipping point isn't far off though, for as the East Kilbride anecdotal above shows, if a property is on the market, then the seller must have a very good reason. I doubt many people selling right now really want to.

What a greedy fool !!

That increase in equity came from nowhere - it has now gone. Big deal. He still has a place to live in. People like this should learn the hard way.

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.

Like NI there is no fundamental support for high house prices in Scotland - the days of the wealthy London incomers are over more or less - and wages are low. Keep hoping for the best and don't let the trolls put you off.

nope, were still here, just waiting............. ;)

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Every day more information is being published in local and national newspapers, and on the TV, unfortunatly these denial tactics and desperate claims that HPI Is not here are laughable.

To all the king herods in denial, just buy now, get it over with, you are preying for this crash that will never come, your time is fading every day as the MONSTER KNOWN AS HPI IS VERY HUNGRY. :lol:

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Every day more information is being published in local and national newspapers, and on the TV, unfortunatly these denial tactics and desperate claims that HPI Is not here are laughable.

To all the king herods in denial, just buy now, get it over with, you are preying for this crash that will never come, your time is fading every day as the MONSTER KNOWN AS HPI IS VERY HUNGRY. :lol:

crutchie/viewsonic/whoeveryou are.

What's with the King Herod obsession? Last time you mentioned him, you really meant King Canute. What are you trying to say this time? If you are still trying to make some kind of analogy to supposed HPI being as powerful as the sea, at least do your research. King Canute was a wise and humble man (unlike some on this BB), it was his advisers who tried to persuade him he was powerful enough to turn back the tides. He instructed the waves to recede to make the point his advisers were wrong.

http://www.viking.no/e/people/e-knud.htm

If you really meant King Herod, then what?

It really is quite touching that you spend so much time worrying about all of us on this site, concerned that we might miss the boat etc. I am sure we will all come to rue the day we didn't listen to your wise words and petition that you be honored with a national day of celebration. On that day, small children will cheer "Hurray for King Crutchie" as you order the tide back...

In the mean time, be a good troll and go back to your cave.

Edited by pyracantha

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Every day more information is being published in local and national newspapers, and on the TV, unfortunatly these denial tactics and desperate claims that HPI Is not here are laughable.

To all the king herods in denial, just buy now, get it over with, you are preying for this crash that will never come, your time is fading every day as the MONSTER KNOWN AS HPI IS VERY HUNGRY. :lol:

"Every day more information is being published in local and national newspapers, and on the TV, unfortunatly these stories are becoming more and more divorced from the reality on the ground, and even the dimmest sheeple is realising that they are being lied to. Rising rates will increase the sense of panic, and many will buckle, glad to be rid of the property millstone round their neck. They will wonder why they ever listened to the f*ckwits who said "can`t go wrong with bricks and mortar you know ;) " :lol:

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Every day more information is being published in local and national newspapers, and on the TV, unfortunatly these denial tactics and desperate claims that HPI Is not here are laughable.

To all the king herods in denial, just buy now, get it over with, you are preying for this crash that will never come, your time is fading every day as the MONSTER KNOWN AS HPI IS VERY HUNGRY. :lol:

Fu*k off you tw@t.

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Ho ho, you guys have totally misunderstood our favourite Scottish pet, The Crutchster.

The guy (and his sock-puppet menagerie) is actually a comedy genius - providing at least one good belly-laugh a day to the readers of the Scotland subforums.

See if you can get him started about the Remax-shaped chip on his shoulder.

Satire at its finest.

Keep 'em coming Crutchie! You've got at least one fan!

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I find myself depressed by the reporting and amazed at the discrepancy between what is written and what I have direct experience of:

- My landlady: Tried to up the rent. I said no. She told all. Really struggling to pay the mortgages on her multiple properties. In a right mess and is going to sell at least 1 flat (owns 3.)

- A professional whose services I use. Knows property in Scotland inside out. Trying to sell their high end place in Edinburgh. Believe they are looking at AT LEAST a 35% reduction from what they would have EASILY achieved at peak. And they NEED to sell.

AND - - - it's not about to get any better - - - (at least not from the perspective of "hpi is a good thing.")

The 5th estate are not doing the job they used to do. However, the internet provides another way of checking what those with power and influence would have us believe.

She's already went

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